PAA vs PAGP
Plains ALL American Pipeline LP and Plains GP Holdings LP, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | PAA | PAGP |
|---|---|---|
| Revenue | $44.3B | $44.3B |
| Net income | $1.4B | $260.0M |
| Gross margin | 8.7% | 8.7% |
| Net margin | 4.0% | 3.8% |
| Return on equity | · | · |
| Diluted EPS | · | · |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | $2.3B | $2.3B |
| Equity | · | · |
| Net debt / equity | · | · |
| Current ratio | 0.96× | 0.96× |
| Revenue CAGR 5y | 13.7% | 13.7% |
| Profit CAGR 5y | · | · |
PAA and PAGP book revenue within 15% of each other, and keeps more of each dollar of revenue as profit (4.0% against 3.8%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | PAA | PAGP |
|---|---|---|
| FY2025 | $44.3B | $44.3B |
| FY2024 | $48.9B | $48.9B |
| FY2023 | $47.3B | $47.3B |
| FY2022 | $57.3B | $57.3B |
| FY2021 | $42.1B | $42.1B |
| FY2020 | $23.3B | $23.3B |
| FY2019 | $33.7B | $33.7B |
| FY2018 | $34.1B | $34.1B |
| FY2017 | $26.2B | $26.2B |
| FY2016 | $20.2B | $20.2B |
Bottom line
| Fiscal year | PAA | PAGP |
|---|---|---|
| FY2025 | $1.4B | $260.0M |
| FY2024 | $772.0M | $103.0M |
| FY2023 | $1.2B | $198.0M |
| FY2022 | $1.0B | $168.0M |
| FY2021 | $593.0M | $60.0M |
| FY2020 | $-2.6B | $-568.0M |
| FY2019 | $2.2B | $331.0M |
| FY2018 | $2.2B | $334.0M |
| FY2017 | $856.0M | $-731.0M |
| FY2016 | $726.0M | $94.0M |
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | = | = |
| FY2024 | = | = |
| FY2023 | = | = |
| FY2022 | = | = |
| FY2021 | = | = |
| FY2020 | = | = |
| FY2019 | = | = |
| FY2018 | = | = |
| FY2017 | = | = |
| FY2016 | = | = |
| FY2015 | = | = |
| FY2014 | = | = |
| FY2013 | = | = |
| FY2012 | = | = |
| FY2011 | = | = |
The higher-revenue side has changed between PAA and PAGP over this period.
15 of 19 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +0.2 pp | PAA |
| FY2024 | +0.1 pp | PAA |
| FY2023 | +0.2 pp | PAA |
| FY2021 | +0.1 pp | PAA |
| FY2020 | −0.6 pp | PAGP |
| FY2019 | +0.4 pp | PAA |
| FY2018 | +0.3 pp | PAA |
| FY2017 | +3.4 pp | PAA |
| FY2016 | +0.3 pp | PAA |
| FY2015 | +0.4 pp | PAA |
The higher net margin has changed hands between PAA and PAGP over this period.
10 of 12 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
PAA's net margin has been more volatile than PAGP's over the 10 comparable fiscal years — 4.7 percentage points of standard deviation against 4.5.
10 of 12 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between PAA and PAGP over these 10 fiscal years — PAA led in 9 and PAGP in 1.
10 of 12 comparable fiscal years — a year missing data on either side is not counted.